Sonata Software North America Inc., (SSNA), a wholly owned subsidiary of Bengaluru-based Sonata Software Limited (SSL), has signed a definitive agreement with the shareholders of Quant Systems INC., a Texas-based software company, to acquire a 100% stake in it.
The deal would include an upfront payment of $65 million, or a deferred achievement-based earn-out/pay-outs up to a maximum of $95 million payable over the next two years, plus certain other payments on achievement of additional targets the company said in a statement on Wednesday.
Founded in 2008, Quant Systems has a team of over 300 engineers in delivery centres across India (Hyderabad) and Costa Rica along with onshore presence in North America to offer services to BFSI, Healthcare & Life Sciences and Consumer and Retail spaces. The company claims to have built a partner ecosystem of leading industry players including, AWS, Adobe, Salesforce, Snowflake, and Google Cloud.
The acquisition was in line with Sonata’s strategy to accelerate the growth curve and build scale, the company said.
It would accelerate Sonata’s capabilities in enterprise data analytics, cloud modernisation, cybersecurity, salesforce, data privacy, Adobe, and digital and mobile app solutions, including differentiated IPs for Salesforce (workbox.io) and Chatbot (Lisa) technologies.
“We aim to be the fastest-growing next-gen Digital firm delivering modernisation and digital outcomes for enterprises through our Platformation framework. To achieve this vision, we have outlined some key strategic drivers to build scale through service offering expansion in modernisation, invest in BFSI and Healthcare & Life Sciences verticals, and build global centres,” said Samir Dhir, MD & CEO, Sonata Software.
